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Twitter vows legal fight after Elon Musk pulls out of $44 billion deal

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Elon Musk Turns Down Offer To Join Twitter Board

Elon Musk, the chief executive officer of Tesla and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk…,” he wrote.

In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.

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“Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement,” the filing said.

Read Also: Elon Musk officially buys Twitter for $44 billion dollars

Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter’s obligation to “preserve substantially intact the material components of its current business organization.”

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles
Illustration shows Elon Musk’s Twitter profile on smartphone and printed Twitter logos
Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai

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Shares of Twitter were down 6% at $34.58 in extended trading. That is 36% below the $54.20 per share Musk agreed to buy Twitter for in April.

Twitter’s shares surged after Musk took a stake in the company in early April, shielding it from a deep stock market sell-off that slammed other social media platforms.

But after he agreed on April 25 to buy Twitter, the stock within a matter of days began to fall as investors speculated Musk might walk away from the deal. With its tumble after the bell on Friday, Twitter was trading at its lowest since March.

The announcement is another twist in a will-he-won’t-he saga after Musk clinched the deal to purchase Twitter in April but then put the buyout on hold until the social media company proved that spam bots account for less than 5% of its total users.

The contract calls for Musk to pay Twitter a $1 billion break-up if he cannot complete the deal for reasons such as the acquisition financing falling through or regulators blocking the deal. The break-up fee would not be applicable, however, if Musk terminates the deal on his own.

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Musk’s decision is likely to result in a long protracted legal tussle between the billionaire and the 16-year-old San Francisco-based company.

Source: reuters

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DaBaby says he went from getting $300K for a feature to $150K after recent controversy

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American rapper, DaBaby has revealed that he now gets half of what he used to get paid for a feature verse after a recent controversy.

(more…)

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Napoléon by Abel Gance (1st period) opening Cannes Classics at the 77th Festival de Cannes

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Napoléon by Abel Gance (1st period) opening Cannes Classics at the 77th Festival de Cannes

A legend known to cinephiles the world over, a major work of the silent era, one of the most monumental restorations in the history of filmmaking will be unveiled on May 14 as a world premiere: Napoléon by Abel Gance (1st period), in a version resulting from a colossal, passionate effort by the Cinémathèque française, with the support of the CNC.

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Davido Inks Partnership with UnitedMasters For His Nine+ Records Venture

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Davido Inks Partnership with UnitedMasters For His Nine+ Records Venture

Making yet another major power move, three-time GRAMMY® Award-nominated Nigerian global superstar and Afrobeats pioneer Davido has inked a deal with UnitedMasters for his recently launched label Nine+ Records.

In this groundbreaking collaboration, Davido will spearhead artist development, A&R, and behind-the-scenes curation, nurturing a pioneering lineup of artists across the continent under Nine+ Records. United by a shared vision, the teams will work together to introduce and foster talent, amplifying Davido’s influence and extending his reach even further. This partnership marks a pivotal moment in shaping the future of African and world music.

Together, the teams will collaborate closely in order to not only introduce, but cultivate career talent. It only expands Davido’s influence and reach.

Read Also: Davido gifts fan $50k to payoff student loans

Of today’s announcement Davido said, “I couldn’t be more proud to partner with Steve and the team at United Masters, this announcement represents an exciting new chapter for developing and established artists around the world.”

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Steve Stoute, Founder and CEO of UnitedMasters states, “Over the last 2 years, we’ve proven our commitment to Africa investing in artists, education, and technology. Today, we are doubling down. With this new venture with Davido & the launch of Nine Plus Records, we reinforce our mission in becoming a bridge for artists on the continent. Together we’ll identify & develop new artists while supporting them with brand and synch opportunities.”

Nine+ Records will be announcing more artists and partners in the future.

Last night, Davido just sold out one of the most iconic venues in the world, headlining Madison Square Garden in New York City. He ignited the stage with what will be remembered as a historic set, bringing Afrobeats to the Big Apple in the biggest way possible. In advance of the show, he extensively spoke to Billboard who praised how “Performing in New York has also become a special ritual” for him.

This news also arrives on the heels of various major company announcements for UnitedMasters. The company locked down a high-profile alliance with SymphonyOS and Groover. Plus, it hosted its annual “A Celebration of Independence” GRAMMY® Concert at the Palladium in Hollywood, CA. The show boasted an all-star lineup, including headliner Davido, Uncle Waffles, Tokischa, Donavan’s Yard, and NLE Choppa. Of the latter, The Source wrote, “This marked the first time UnitedMasters featured international acts, solidifying its impact and representation within the global independent artist movement.”

Stay tuned for a whole lot more soon

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Record Rainfall in UAE: Dubai in Chaos as Streets Flood

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Chaos swept through the United Arab Emirates as it faced the most intense rainfall in 75 years, with certain regions recording over 250 mm (approximately 10 inches) of rain within a mere 24-hour period, as per the state’s media office statement released on Wednesday, April 17. (more…)

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Ashanti & Nelly Are Engaged, Expecting First Child Together

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Nelly and Ashanti are working on a special duet! (more…)

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Baloji and Emmanuelle Béart will co-preside over the Caméra d’or Jury of the 77th Festival de Cannes

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Screenshot 2024 04 17 at 18.29.58

The 77th Festival de Cannes will feature an unprecedented yet self-evident pairing at the head of the Caméra d’or Jury. As rich dialogue and inspiring gaze arise from encounters, the Festival de Cannes is eager to bring together Emmanuelle Béart and Baloji to co-preside over the Jury that will honor one of the first films presented in the Festival’s Official Selection or its parallel sections.

An unprecedented pairing since French actress Emmanuelle Béart and director and songwriter Baloji, who evolves in Belgium and the Democratic Republic of Congo, have never met. She has worked with some of the world’s greatest filmmakers, dazzling both screen and stage with her incandescent performance. He is a bold, visionary creator, who made two short films before receiving the New Voice Prize at Un Certain Regard in 2023 for his acclaimed debut feature Omen.

 

An obvious pairing as both are free spirits with no limits, who rely on their art to achieve creative freedom. Through her impressive filmography and her humanitarian commitment, Emmanuelle Béart is forever supporting a filmmaking to be shared, to emancipate, transcend borders and help us live together. Baloji, in his first feature film with impressive aesthetic mastery, delivers a chronicle that transcends otherness through the prism of magical realism.

 

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Delighted to be paired at the head of the Caméra d’or Jury, Baloji and Emmanuelle Béart will combine their voices to welcome the first features of filmmakers who look at the world with inspiration, tell us about it with emotion and invite us to discuss it with the conviction of beginnings. “Being a self-taught filmmaker and a filmmaker from the Congolese diaspora,” confides Baloji, “it’s a great honour to be able to witness the vitality of first-time directors, to discover their strong singularities and their inaugural work, which will have a lasting impact on the identity of their filmography.” Emmanuelle Béart declares: “A first film is about the impossibility of doing anything other than delving into the depths of one’s being to find out what we can’t keep quiet about. A deeply moving and terribly free birth: no one is waiting for you yet. We will honor our duty with wonder and respect.”

 

The Caméra d’or Jury has been co-chaired three times before: by actress Françoise Fabian and director Daniel Schmid in 1996, by Marthe Keller and Géraldine Chaplin in 2002, and by brothers Luc and Jean-Pierre Dardenne in 2006.

 

In 2023, the Caméra d’Or was awarded to Pham Thien An for Inside the Yellow Cocoon Shell  by the Jury presided over by French actress Anaïs Demoustier

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